Home > Auctions > 24 & 25 September 2024 24 September 2024 - 9:30am > Lot 119

24 & 25 September 2024: Tuesday 24 September 2024 - 9:30am
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    Key features

    • To be offered on Tuesday 24 September
    • Viewings by request
    • City Centre location in Glasgow's Prime Retail Area
    • Ground Floor & Basement Retail Unit with (Class 1A) as Class 1A/ Class 3 use and 7 Upper Floors
    • Planning consent for conversion of upper floors to 13 dwellings (Sui Generis)
    • The advertising hoarding on the scaffolding is currently let at £115,000 p.a. offering passive income while the incoming purchaser prepares the site for development
    • Prominent Corner Site with Return Frontage
    • Opposite to the St. Enoch Shopping Centre
    • B-Listed Building
    • Neighbouring occupiers include Primark, Sainsbury Local, Caffe Nero, Argyle Street Station and St. Enoch Centre

    Description

    The property is a very prominent and attractive 8 storey red sandstone building at the junction of Argyle Street and Miller Street and benefits from B listing status(www.historicenvironment.scot). It provides a mixed use development opportunity occupying a corner site of approximately (0.05 acres). The upper floors are accessed at the rear of the property via 2 Miller Street which forms part of the property. The external scaffolding was erected in 2018 for stone inspection purposes and for the refurbishment work to the property. The scaffolding is now used as a largescale advertising hoarding with return frontage onto Argyle Street and Miller Street is let on a lease. Further information can be found in the Legal Pack

    Additional information

    Tenure

    Heritable. Scottish Equivalent of English Freehold.

    Tenancy

    50 Argyle Street (Advertising Hoarding on scaffolding)

    • Investment let at £115,000 p.a.
    • Let to Infinity Outdoor Limited
    • 10 year lease from 17th March 2023
    • Landlord option to break anytime (notice to be no less than 28 days)

    Planning

    Glasgow City Council

    Planning ref: 24/00218/FUL

    Description: Conversion of vacant upper floor offices to form residential flats (Sui generis), use of ground floor and basement unit (Class 1A) as Class 1A/ Class 3, frontage alterations including formation of vents, with erection of extension at third to seventh floors at rear, erection of plant room to rooftop, installation of render, cladding and replacement windows, with extract flues to roof, fabric repairs and associated works.


    The property previously had planning approved for 21 one bedroom residential units on floors 1 - 8. Meaning that there maybe scope to adapt either planning consent subject to requisite consents.

    Rent

    £115,000 p.a.

    Notes

    Please note the areas provided are approximate. The photos and any drawings are for illustrative purposes only and may not reflect the exact boundary of the property. The property has not been internally inspected by Savills. Prospective purchasers must rely upon their own enquiries in this regard. Please refer to the legal pack.


    Please be aware that there are CGI photos in this listing.

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        All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

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        No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

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        Local information

        Glasgow is the largest city in Scotland with a population of 1.2 million. Argyle Street is located in Glasgow city centre linking Tollcross in the east and the M8 Motorway to the west. Argyle Street is a mixed commercial area with retail, leisure and office uses. The property is located on the pedestrianised element of the street between Buchanan Street and Stockwell Street. Neighbouring occupiers include Primark, Sainsbury's Local, Caffe Nero and TK Maxx. Argyle Street Station is located opposite the property. This ScotRail station serves the North Clyde Lines linking the North and South of the city. Glasgow Central Station is some 500 yards (460 metres) to the west directly accessed via Argyle Street.

        Transport

        Located 47 miles west of Edinburgh, Roads M8, M77, M74, Rail - Argyle Street Station, Glasgow Central Station, Glasgow Queens Street Station and airport links to Glasgow International Airport (9 miles west).

        Legal documents

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        EPC rating

        If no EPC rating appears please refer to the legal pack.

        Guide prices and common auction conditions

        •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

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